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Brooklyn Q2 Resi Sale Prices Picked Up YOY

NEW YORK CITY—However, the same metric fell compared to results achieved in the first quarter, according to a new report.

359 Eastern Pakwy Emblematic of the North Brooklyn area is 359 Eastern Pkwy.  Photo credit: Ideal Properties Group

NEW YORK CITY—Residential sales prices increased 2.3% in Brownstone Brooklyn and North Brooklyn in the second quarter of 2016 over the same period last year, according to the Brownstone Brooklyn and Beyond market report, released Tuesday by Ideal Properties Group. The price change represents a decrease of 4.5% from the previous quarter.

The quarterly report is Ideal Properties Group’s analytical look into the borough’s most popular neighborhood sales markets. Brownstone Brooklyn and North Brooklyn’s residential properties sold for an average of about $1.4 million, while median prices were just over $1  million. Average prices per square foot grew by 9% to $1,099 since the second quarter of last year, while median prices per square foot rose from $975 per square foot to $1,108, rising by 12%.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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